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SEACOR Holdings Announces First Quarter Results

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FORT LAUDERDALE, FL--(Marketwire - April 23, 2008) - SEACOR Holdings Inc. (NYSE: CKH)
announced net income for the first quarter ended March 31, 2008 of $37.9
million, or $1.50 per diluted share, on operating revenues of $354.5
million. For the quarter ended March 31, 2007, net income was $38.2
million, or $1.40 per diluted share, on operating revenues of $310.8
million.

For the preceding quarter ended December 31, 2007, net income was $67.9
million, or $2.62 per diluted share, on operating revenues of $363.1
million. Comparison of results for the first quarter ended March 31, 2008
with the preceding quarter ended December 31, 2007 is included in the
discussion below.

Highlights for the Quarter

Offshore Marine Services -- Operating income in the first quarter was $40.6
million on operating revenues of $154.6 million compared with operating
income of $66.1 million on operating revenues of $170.4 million in the
preceding quarter. First quarter results included $7.1 million in gains on
asset dispositions compared with $22.5 million in gains in the preceding
quarter.

Excluding the impact of gains on asset dispositions, operating income was
$10.2 million lower than in the preceding quarter. The decrease was
primarily due to the commencement of the regulatory repair and upgrade
program of the Company's large AHTS vessels scheduled for the first half of
the year. In the first quarter, this resulted in 87 days of out-of-service
time as well as the costs of repairs. In addition, five vessels mobilized
between geographic regions incurring mobilization expenses and off-hire
time.

The number of days available for charter in the first quarter decreased by
648 or 3.8% as a result of a net decrease in fleet count and a shorter
quarter. Overall utilization increased from 75.8% to 76.7% and overall
average day rates were lower at $11,783 per day compared with $12,262 per
day in the preceding quarter.

One supply vessel and one fast support vessel were delivered in the first
quarter and both were mobilizing to term contracts internationally at the
end of the quarter. The fast support vessel is the first of the Company's
new Crewzer class, the SEACOR Cheetah.

Marine Transportation Services -- Marine Transportation Services reported
operating income in the first quarter of $6.9 million on operating revenues
of $29.0 million, compared with an operating loss of $6.5 million on
operating revenues of $31.8 million in the preceding quarter.

Operating results were positively impacted by a one-time payment of $1.5
million related to the early termination of a charter party agreement and
fewer out-of-service days for regulatory drydockings. In addition, the
Seabulk Power and Seabulk Magnachem completed contracts to transport grain
under the World Food Program in the first quarter and were subsequently
sold for scrapping. Gains of $3.6 million realized from the sales of these
vessels were partially offset by net voyage expenses of $0.6 million.

The Seabulk America, operating under a contract of affreightment, reported
an operating loss of $0.8 million in the quarter as a result of a reduction
in cargo volumes from the Gulf of Mexico to the West Coast. The Seabulk
Challenge reported an operating loss of $2.3 million due to being off-hire
for 21 days while undergoing repairs.

Inland River Services -- Operating income in the first quarter was $8.0
million on operating revenues of $30.1 million compared with operating
income of $34.4 million on operating revenues of $33.9 million in the
preceding quarter. First quarter results included $0.7 million in gains on
asset dispositions compared with $22.7 million in gains in the preceding
quarter.

Excluding the impact of gains on asset dispositions, operating income was
$4.4 million lower in the first quarter primarily due to lower spot rates
for grain and non-grain cargoes, unfavorable operating conditions and
higher operating costs. Early in the quarter, activity in the upper river
systems was restricted by ice and later in the quarter, heavy rainfall in
the Midwest created high water conditions and restrictions throughout the
entire river system.

Aviation Services -- Operating income in the first quarter was $1.9 million
on operating revenues of $53.8 million compared with operating income of
$2.0 million on operating revenues of $51.3 million in the preceding
quarter. First quarter results included $0.4 million in gains on asset
dispositions compared to $2.0 million in gains in the preceding quarter.

Excluding the impact of gains on asset dispositions, operating income was
$1.5 million higher in the first quarter primarily due to improved
performance of the air medical services business. Operating expenses in the
Gulf of Mexico were higher primarily due to the timing of fleet repairs and
maintenance, partially offset by additional hurricane related insurance
recoveries.

Environmental Services -- Operating income in the first quarter was $4.8
million on operating revenues of $42.5 million compared with operating
income of $10.0 million on operating revenues of $55.9 million in the
preceding quarter. The decrease in operating income was largely due to a
reduction in spill response activity compared with the preceding quarter.

Other -- During the first quarter, SEACOR's commodity merchandising group,
which focuses on renewable fuels and rice, contributed operating income of
$1.2 million on operating revenues of $28.7 million compared with an
operating loss of $0.9 million on operating revenues of $6.3 million in the
preceding quarter. Operating income from Harbor and Offshore Towing
Services in the first quarter was $1.1 million on operating revenues of
$16.3 million compared with operating income of $1.8 million on operating
revenues of $13.5 million in the preceding quarter. Operating results in
the first quarter were affected by higher drydocking and fuel costs and the
cost of providing third-party equipment to support the start-up of a new
terminal operation in St. Eustatius.

Derivatives -- Derivative gains were $6.5 million in the first quarter
compared with gains of $5.7 million in the preceding quarter.

Foreign Currencies -- Foreign currency gains of $2.6 million in the current
quarter were primarily due to the translation of certain Euro denominated
investments.

Marketable Securities -- Marketable security losses were $5.7 million in
the first quarter compared with losses of $1.2 million in the preceding
quarter.

Equity in Earnings of 50% or Less Owned Companies -- Equity in earnings
from joint ventures was $4.6 million in the first quarter compared with
equity in earnings of $8.6 million in the preceding quarter. During the
first quarter, the Company realized a gain of $1.9 million, net of tax,
arising from the sale of a vessel in one of its offshore marine services
joint ventures. During the preceding quarter, the Company disposed of its
interest in certain South American offshore marine services joint ventures,
resulting in earnings of $5.0 million, net of tax.

Stock and Debt Repurchases -- The Company also announced today that its
Board of Directors has increased its authorization for repurchases of
SEACOR's common stock and its 2.875% convertible senior debentures due 2024
by $70.9 million for a total authorized expenditure of up to $150 million
for the purchase of such securities. In addition, SEACOR may purchase,
separate from such authorization, any or all of its 7.2% senior notes due
2009, its 5 7/8% senior notes due 2012, and the 9 1/2% senior notes due
2013 of Seabulk International, Inc., a wholly-owned subsidiary. The
repurchase of securities may be conducted from time to time through open
market purchases, privately negotiated transactions or otherwise depending
on market conditions.

During the first quarter, the Company purchased 545,400 shares of its
common stock at an average price of $84.16 per share. At the end of the
quarter, 22,222,989 shares of SEACOR's common stock remained outstanding.

Capital Commitments -- The Company's unfunded capital commitments as of
March 31, 2008, consisted primarily of marine service vessels, harbor tugs,
helicopters, and barges and totaled $410.5 million, of which $273.5 million
is payable during the remainder of 2008 and the balance payable through
2010. Of these commitments, approximately $65.1 million may be terminated
without further liability other than the payment of liquidated damages of
$5.2 million in the aggregate. As of March 31, 2008, the Company held
balances of Cash, Cash Equivalents, Restricted Cash, Securities,
Construction Reserve Funds and Title XI Reserve Funds totaling $973.3
million.

SEACOR is a global provider of marine support and transportation services,
primarily to the energy and chemical industries. SEACOR and its
subsidiaries provide customers with a full suite of marine-related services
including offshore services, U.S. coastwise shipping, inland river
services, aviation services, environmental services, and offshore and
harbor towing services. SEACOR is focused on providing highly responsive
local service, combined with the highest safety standards, innovative
technology, modern efficient equipment, and dedicated, professional
employees.

This release includes "forward-looking statements" within the meaning of
the Private Securities Litigation Reform Act of 1995. Such forward-looking
statements concerning management's expectations, strategic objectives,
business prospects, anticipated economic performance and financial
condition and other similar matters involve known and unknown risks,
uncertainties and other important factors that could cause the actual
results, performance or achievements of results to differ materially from
any future results, performance or achievements discussed or implied by
such forward-looking statements. Such risks, uncertainties and other
important factors include, among others: the conditions in the global
financial markets and international economic conditions including, interest
rate fluctuations, availability of credit, inflation rates, change in laws,
trade barriers, commodity prices and currency exchange fluctuations, the
cyclical nature of the oil and gas industry, activity in foreign countries
and changes in foreign political, military and economic conditions, changes
in foreign and domestic oil and gas exploration and production activity,
safety record requirements related to Offshore Marine Services, Marine
Transportation Services and Aviation Services, decreased demand for Marine
Transportation Services and Harbor and Offshore Towing Services due to
construction of additional refined petroleum product, natural gas or crude
oil pipelines or due to decreased demand for refined petroleum products,
crude oil or chemical products or a change in existing methods of delivery,
compliance with U.S. and foreign government laws and regulations, including
environmental laws and regulations, the dependence of Offshore Marine
Services, Marine Transportation Services and Aviation Services on several
customers, consolidation of the Company's customer base, the ongoing need
to replace aging vessels and aircraft, industry fleet capacity,
restrictions imposed by the Shipping Acts and Aviation Acts on the amount
of foreign ownership of the Company's Common Stock, increased competition
if the Jones Act is repealed, operational risks of Offshore Marine
Services, Marine Transportation Services, Harbor and Offshore Towing
Services and Aviation Services, effects of adverse weather conditions and
seasonality on Aviation Services, future phase-out of Marine Transportation
Services' double-bottom tanker, dependence of spill response revenue on the
number and size of spills and upon continuing government regulation in this
area and Environmental Services' ability to comply with such regulation and
other governmental regulation, changes in National Response Corporations'
Oil Spill Removal Organization classification, liability in connection with
providing spill response services, effects of adverse weather and river
conditions and seasonality on Inland River Services, the level of grain
export volume, the effect of fuel prices on barge towing costs, variability
in freight rates for inland river barges, the effect of international
economic and political factors in Inland River Services' operations,
adequacy of insurance coverage, the attraction and retention of qualified
personnel by the Company and various other matters and factors, many of
which are beyond the Company's control. In addition, these statements
constitute the Company's cautionary statements under the Private Securities
Litigation Reform Act of 1995. It is not possible to predict or identify
all such factors. Consequently, the following should not be considered a
complete discussion of all potential risks or uncertainties. The words
"estimate," "project," "intend," "believe," "plan" and similar expressions
are intended to identify forward-looking statements. Forward-looking
statements speak only as of the date of the document in which they are
made. The Company disclaims any obligation or undertaking to provide any
updates or revisions to any forward-looking statement to reflect any change
in the Company's expectations or any change in events, conditions or
circumstances on which the forward-looking statement is based. The
forward-looking statements in this release should be evaluated together
with the many uncertainties that affect the Company's businesses,
particularly those mentioned under "Forward-Looking Statements" in Item 7
on the Company's Form 10-K and SEACOR's periodic reporting on Form 10-Q and
Form 8-K (if any), which is incorporated by reference.